Foreclosure Settlement Terms Sent to Banks by States, U.S.

State attorneys general and federal agencies submitted to banks a proposal for settling a probe into foreclosure practices and mortgage servicing while continuing to talk about monetary penalties they will seek.

The 27-page document given yesterday to mortgage-servicers seeks “a binding legal requirement” for how they service loans and conduct home foreclosures, Geoff Greenwood, a spokesman for Iowa Attorney General Tom Miller, said today in a telephone interview.

“This is a document that sets a foundation for negotiations with the nation’s largest servicers,” he said. Greenwood declined to identify the companies or say how many received the proposal, made by states and U.S. agencies including the Justice Department, Federal Trade Commission and Department of Housing and Urban Development.

Read Full Article from Bloomberg

- Posted: 2011-03-04 14:07:15

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